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Kazakh "KazMunaiGas" leaves shareholder of large company

Kazakhstan's national oil and gas company KazMunaiGas concluded a deal on withdrawal from KMG Kashagan B.V. shareholders' structure.

"KMG Kashagan BV" is one of the shareholders of the consortium North Caspian Operating Company (NCOC) which develops the field.

The amount of the deal equals more than 25 percent of all assets owned by KazMunaiGas.

This decision was made by the Board of Directors of the company with the term of approving the "Samruk-Kazyna JSC as a sole shareholder of KazMunaiGas. The decision was adopted on April 25.

Transfer of "KMG Kashagan BV" shares to the Cooperatieve KazMunaiGaz UA is implemented within the approved program of restructuring the core assets of JSC NC "KazMunaiGas", aimed, inter alia, to optimize the structure of the company's assets.

Production on "Kashagan" was launched in September 2013, but in October it was stopped due to gas leak in one of the main pipelines. Initially it was assumed that production on "Kashagan" will be eight million tons of oil in 2014 and will increase to 12 million tonnes in 2015, which will allow Kazakhstan to enter the top ten largest oil-producing countries.

A day before, the consortium NCOC said that the resumption of production is expected in 2014.

Reserves of the field "Kashagan" estimated at 35 billion barrels of oil, some 11 billion barrels of which are considered recoverable.